Founded in 2014, Bitex has an extensive network in Argentina, Chile, Paraguay, and Uruguay. Huobi Global plans to integrate Bitex’s exchange operations with Huobi Global’s platform, enabling users in Latin America to trade all digital assets available on Huobi Global. Post-integration, Bitex will retain its branding and continue to be independently run by its current management team. Huobi Global announced the acquisition of Bitex, one of the first regional cryptocurrency exchanges in Latin America, as it moves to expand its footprint in the fast-growing region. The terms of the deal are confidential and were not disclosed. With a population of nearly 665 million, Latin America ranks fifth in the world for cryptocurrency adoption and consistently captures between 8% and 10% of global cryptocurrency activity.
The region saw the use of cryptocurrencies rise by 1,370% from 2019 to 2021, with Venezuela and Argentina ranking seventh and tenth, respectively, in the 2021 Global Crypto Adoption Index published by Chainalysis. Currently, only about half of Latin American’s population own bank accounts. Through this acquisition, Huobi Global hopes to meet this growing appetite for alternative financial services through blockchain technology. Huobi Group marked its first foray into Latin America with the launch of Huobi Argentina in 2019, drawn by the increasing demand for crypto-related products and services in the market. In 2020, Huobi Argentina introduced fiat-to-crypto pairing between the Argentine Peso and both Bitcoin (BTC) and Tether (USDT). Last year, it also added five payment methods to improve users’ trading experience and increase the liquidity of its market.